Dogecoin Terjun Bebas, Apa Artinya bagi Trader DOGE?
Release: 2024/06/21 00:55 Reading: 265
Dogecoin's Sharp Decline Triggers Surge in Liquidations
Dogecoin (DOGE), a prominent memecoin, has experienced a significant double-digit price drop in the past week, raising concerns among investors and traders. The decline intensified on June 17, when DOGE plummeted to a three-month low, triggering the highest single-day surge in long liquidations this year.
Dogecoin's Long Liquidations Soar
Dogecoin's price crashed to a three-month low of $0.12 earlier this week, resulting in a significant spike in long liquidations, hitting $44.21 million for the day. According to BeinCrypto, this was the highest figure since the beginning of the year. In the derivatives market, liquidations occur when a trader's position is forcibly closed due to insufficient funds to maintain it. Long liquidations happen when an asset's value falls unexpectedly, forcing traders with buy orders to sell their contracts.
Short Liquidations in Comparison
In contrast, the value of liquidated short positions on the same day was less than $400,000. Since this event, DOGE's funding rates across major crypto exchanges have remained predominantly negative. As of writing, the weighted average DOGE funding rate is -0.003%. Funding rates refer to periodic payments made between traders to ensure that the futures contract's market price remains close to the spot price of the underlying asset.
Funding Rates and Market Sentiment
When an asset's futures price is higher than the spot price, the funding rate becomes positive, and traders in long positions pay a fee to those in short positions, indicating higher demand for long positions. Conversely, an asset's funding rate turns negative when the perpetual futures price is lower than the spot price. In this situation, short traders pay funding fees to those holding long positions, suggesting that more traders expect the asset's price to fall than those buying in anticipation of a price rise.
Bearish Technical Indicators
DOGE's sharp decline also saw it drop below its 20-day and 50-day Exponential Moving Averages (EMAs) on June 7. When an asset's price falls below both these key EMAs, it signals increasing selling pressure and confirms the bearish bias against the asset, prompting many traders to close their long positions. Additionally, the negative value of DOGE's Elder-Ray Index further confirms the bearish sentiment surrounding the memecoin. The Elder-Ray Index measures the relationship between the strength of buyers and sellers in the market. A negative value indicates that bearish forces dominate the market. Since DOGE's price fell below these key moving averages, the Elder-Ray Index has consistently returned negative values. As of writing, DOGE's Elder-Ray Index value stands at -0.023.
Should DOGE bears continue to maintain control and selling momentum increase, the memecoin could extend its decline towards $0.11. Traders and investors should monitor these indicators closely to make informed decisions about their Dogecoin positions.
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